Belatedly, the media were told to report that people had genuine grievances. It did not order a military crackdown but instead sealed off the area and let the protests play themselves out while officials took stock of the complaints. In the northern coastal province of Thai Binh, traditionally a cradle of Communist Party support, peasants tired of venal local apparatchiks took several hostage. The most obvious manifestation of this discontent: the sporadic uprisings last year in the countryside. Dissatisfaction with party policies is brewing among the citizenry. Acting central bank governor Do Que Luong reckons it will go to 7%, up from 3.6% last year. "It will be difficult for us to achieve our targeted growth of 9% this year." Inflation is another factor. "The devaluation of regional currencies has weakened the competitiveness of our exports," acknowledges reform-minded Prime Minister Phan Van Khai. While several of Vietnam's largest sources of foreign investment - Singapore, Taiwan, Japan and Hong Kong - were less affected by the turmoil than the likes of South Korea, Hanoi has not escaped unscathed. Trouble is, Vietnam can no longer afford to take two steps forward and one step back.įor starters, there is Asia's financial crisis. The leadership continues to balance reformers with throwbacks, and the ruling troika of president, party general secretary and prime minister installed last year once again reflected that thinking. Yet the promise of further reform convinced most investors to wait for the doctrinaire socialists to move on (or die), and free marketeers to take the reins of state once and for all. The vagaries of doing business in what was supposed to be Asia's next tiger economy sent more than a few impatient expatriates jetting home to headquarters. R ED TAPE, GRAFT AND UNEVEN REFORMS have topped the gripe list of foreign investors in Vietnam ever since the Communist Party ushered in a pragmatic new era 12 years ago. Go to a quick list of the pluses and minuses of Vietnam's reform efforts So why is it picking fights?Ĭrisis jump-started reforms in 1986. From Our Correspondent: Hirohito and the WarĪ conversation with biographer Herbert Bixįrom Our Correspondent: A Rough Road Aheadīad news for the Philippines - and some others
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |